PJSC RusHydro announces that the Company's Board of Directors held a meeting in absentia on June 23, 2016.

The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board – General Director of RusHydro:

  1. To conduct an independent external audit of costs of RusHydro and its subsidiaries.
  2. To determine areas of improvement of the Company’s and its subsidiaries performance based on the results of the independent external audit of costs till July 30, 2016.
  3. To develop the list of measures aimed at optimization of costs based on the results of audit and submit it for the Board’s review till August 31, 2016.
  4. To submit the report on execution of these measures to the Ministry of economic development of Russia and sectorial executive authorities on a half-yearly basis, not later than on January 31 and July 31.

The Board of Directors approved a share purchase agreement between PJSC RusHydro and JSC Transport Company RusHydro (TC RusHydro) and commissioned RusHydro’s representatives in the governing bodies of TC RusHydro to vote for increase of the company’s share capital.

The Board of Directors approved a performance report of the Management Board of RusHydro for 2015, containing status of execution of the Board of Directors commissions by the Company’s management.

The Board of Directors approved the reports of Chairmen of the Committees of the Board of Directors for 2015 corporate year:

  • Audit Committee;
  • Investment Committee;
  • Reliability, Energy efficiency and Innovations Committee;
  • Strategy Committee;
  • Human resources and Remuneration Committee.
The Board of Directors commissioned RusHydro’s representatives on the Annual General Meeting of shareholders of JSC Zaramagskie HPPs to approve the general contractor agreement between JSC Zaramagskie HPPs and general contractor, winner of tender, qualified as major transaction.

The general contractor will complete the construction of Zaramagskaya HPP-1. The plant’s commissioning is scheduled for the end of 2018.

The Board of Directors approved the amended Regulations on management of non-core assets of RusHydro and the list of non-core assets.

In the first half of 2016, RusHydro disposed 14 non-core assets for a total amount of RUB 64.2 mn, 8 assets were sold, 5 assets were gratuitously transferred to municipal property.

The Board of Directors approved the new versions of the following documents:
  • Regulations on procurement of goods for RusHydro’s needs;
  • Regulations on Audit Committee of the Board of Directors;
  • Regulations on Human resources and Remuneration Committee.